let’s practice. but first… 1. 3. the supplies account has a year-end debit balance of $2018. as...
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Let’s Practice
But First…
• 1.
• 3. The Supplies account has a year-end debit balance of $2018. As part of the year-end procedures, the senior accountant asks the office staff to count the supplies. Their results are listed on the inventory sheet shown below. Figure out the actual value of the Supplies Account and make T-Account entries for it.
• 4. A one-year insurance policy was purchased on August 1, 20-1, for $648.
A. Calculate the value of the prepaid insurance for this policy as of December 31, 20-1.B. Calculate the portion of the cost of this insurance policy to be charged as an expense to each of the years ended December 31, 20-1, and December 31, 20-2.
• 5. For each of the following insurance policies, perform the required calculations.A. Calculate the value of the prepaid insurance at the year-end date shown .B. Prepare the adjusting journal entry for the year-end shown.
Section 8.2 Review
• 1.
Section 8.2 Review
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